A kilogram of chicken pictured next to 14,600,000 bolivars, the equivalent of 2.22 USD, at a mini-market in Caracas
Bloomberg: Confusion Reigns as Maduro Mega-Devaluation Roils Venezuela
* Petro will anchor new currency to be rolled out on Monday
* Government plans to raise minimum wage more than 3,000 percent
Many Venezuelan shops closed as a precaution as confusion reigned Saturday following measures announced by President Nicolas Maduro aimed at fighting an historic economic crisis in the oil-exporting nation.
The government will enact a massive currency devaluation and an increase in taxes, and will raise gasoline prices. A new version of the bolivar will trade roughly in line with where the black market was, and the government will raise the minimum wage more than 3,000 percent -- a level that still only equates to $30 a month.
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WNU Editor: This Venezuelan crypto currency has nothing backing it .... even though the Venezuelan government is claiming that it is backed by the country's oil wealth?!?!?! Here is an easy prediction, Venezuela's hyperinflation will continue and what is left of a functioning economy will now go underground.
More News On Venezuela In Chaos After Yesterday's Currency Devaluation
Crisis-hit Venezuela on edge as new sovereign bolívar banknotes enter circulation -- SCMP/AFP
Venezuela In Chaos After Maduro Announces Massive 95% Devaluation, New FX Rate Tied To Cryptocurrency -- Zero Hedge
Venezuelan shopkeepers alarmed by Maduro's latest economic moves -- CNBC/Reuters
Venezuela's economic crisis: What you need to know -- SKY News
4 comments:
WNU, what is the endgame here for Venezuela? What do you think will happen? I have no clue. Civil war?
The worst case scenario is a military coup/civil war. But I think it will all come down to elements within the military and government getting rid of Maduro and his allies themselves.
Maduro just kick the can on the road. Same cause, same effect. Only the number of zero on a bill have changed. My fear is Venezuela going to be a "fail-state".
The crypto currency is his last attempt to enrich himself further before fleeing the country. He knows what's coming. He knows he cannot change the economy of Venezuela. His plans stink. The cryptocurrency is nothing but a scheme to get more backpack money before hitting the road
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